TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

December 31,

2016

2015

Assets

Current assets:

Cash and cash equivalents

$

1,154

$

1,000

Short-term investments

2,336

2,218

Accounts receivable, net of allowances of ($17) and ($7)

1,267

1,165

Raw materials

102

109

Work in process

954

846

Finished goods

734

736

Inventories

1,790

1,691

Prepaid expenses and other current assets

910

1,000

Total current assets

7,457

7,074

Property, plant and equipment at cost

4,923

5,465

Accumulated depreciation

(2,411)

(2,869)

Property, plant and equipment, net

2,512

2,596

Long-term investments

235

221

Goodwill, net

4,362

4,362

Acquisition-related intangibles, net

1,264

1,583

Deferred income taxes

374

201

Capitalized software licenses, net

52

46

Overfunded retirement plans

96

85

Other assets

79

62

Total assets

$

16,431

$

16,230

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

631

$

1,000

Accounts payable

396

386

Accrued compensation

710

664

Income taxes payable

83

95

Accrued expenses and other liabilities

444

410

Total current liabilities

2,264

2,555

Long-term debt

2,978

3,120

Underfunded retirement plans

129

196

Deferred income taxes

33

37

Deferred credits and other liabilities

554

376

Total liabilities

5,958

6,284

Stockholders' equity:

Preferred stock, $25 par value. Authorized – 10,000,000 shares

Participating cumulative preferred – None issued

—

—

Common stock, $1 par value. Authorized – 2,400,000,000 shares

Shares issued – 1,740,815,939

1,741

1,741

Paid-in capital

1,674

1,629

Retained earnings

33,107

31,176

Treasury common stock at cost

Shares: 2016 – 744,831,978; 2015 – 729,547,527

(25,523)

(24,068)

Accumulated other comprehensive income (loss), net of taxes (AOCI)

(526)

(532)

Total stockholders' equity

10,473

9,946

Total liabilities and stockholders' equity

$

16,431

$

16,230